Brazilian meat packer JBS SA has signed a trade pact with Alibaba’s Win-Chain that will send approximately $1.5 billion in beef, pork and poultry to China.
Shareholders of Brazilian meat processor JBS SA approved the company’s 2017 financial statements along with dividend payments at a meeting on Monday, according to a securities filing.
Citing concerns about foreign ownership of U.S. companies, two U.S. senators have asked Treasury Secretary Steve Mnuchin to open a formal investigation of JBS SA.
Brazilian reporters claim JBS SA has been buying cattle from ranches grazing cattle on deforested land in the Amazon, a practice forbidden by the Brazilian government.
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China will dispatch teams to inspect 84 meatpacking plants in Brazil to evaluate them for exports to China, Brazil’s Agriculture Ministry said in a statement on Tuesday.
Brazilian federal prosecutors have charged JBS S.A. and its holding firm J&F Investmentos, along with 14 other individuals, for alleged fraud in the approval of investments and loans by national development bank.